Parents Company Financial Statements

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed financial information relative to Eastern Bankshares Inc.’s (“the parent company”) balance sheets at December 31, 2024 and 2023 and the related statements of income and cash flows for the years ended December 31, 2024, 2023 and 2022 are presented below. The statement of shareholders’ equity is not presented below as the parent company’s shareholders’ equity is that of the consolidated Company.


BALANCE SHEETS
	As of December 31,
	2024		2023
	(In thousands)
Assets
Cash and cash equivalents(1)	$	186,589	$	118,256
Goodwill and other intangibles, net	744		744
Deferred income taxes, net	2,455		6,763
Investment in subsidiaries	3,418,356		2,842,099
Other assets	5,246		8,202
Total assets	$	3,613,390	$	2,976,064
Liabilities and shareholders’ equity
Other liabilities	$	1,423	$	1,209
Total liabilities	1,423		1,209
Shareholders’ equity	3,611,967		2,974,855
Total liabilities and shareholders’ equity	$	3,613,390	$	2,976,064

(1)Includes $185.0 million and $116.7 that is eliminated in consolidation as of December 31, 2024 and 2023, respectively.


STATEMENTS OF INCOME
	For the Year Ended December 31,
	2024		2023		2022
	(In thousands)
Income
Interest income	$	142	$	130	$	15
Other	9,291		—		—
Total income	9,433		130		15
Expenses
Professional services	5,877		4,937		899
Other	4,170		3,706		3,070
Total expenses	10,047		8,643		3,969
Loss before income taxes and equity in undistributed income of subsidiaries	(614)		(8,513)		(3,954)
Income tax expense (benefit)	973		(1,773)		269
Loss before equity in undistributed income of subsidiaries	(1,587)		(6,740)		(4,223)
Equity in undistributed income of subsidiaries	121,148		238,917		203,982
Net income	$	119,561	$	232,177	$	199,759


STATEMENTS OF CASH FLOWS
	For the Year Ended December 31,
	2024		2023		2022
	(In thousands)
Cash flows provided by operating activities
Net income	$	119,561	$	232,177	$	199,759
Adjustments to reconcile net income to cash provided by operating activities
Equity in undistributed income of subsidiaries	(121,148)		(238,917)		(203,982)
Share-based compensation	19,269		16,513		10,507
ESOP expense	7,356		7,129		9,923
Gain on sale of other equity investment	(9,291)		—		—
Change in:
Deferred income taxes, net	4,308		6,419		4,792
Other, net	736		(4,115)		(937)
Net cash provided by operating activities	20,791		19,206		20,062
Cash flows provided by investing activities
Return of investments in subsidiary	128,000		40,000		240,000
Contributions to other equity investments	(405)		(720)		(788)
Proceeds from sale of other equity investment	9,958		—		—
Net cash acquired in business combination	21,154		—		—
Net cash provided by investing activities	158,707		39,280		239,212
Cash flows used in financing activities
Payments for shares repurchased under share repurchase plans	(27,683)		—		(201,618)
Dividends declared and paid to common shareholders	(82,541)		(66,671)		(65,886)
Stock issuance costs	(941)		—		—
Net cash used in financing activities	(111,165)		(66,671)		(267,504)
Net increase (decrease) in cash and cash equivalents	68,333		(8,185)		(8,230)
Cash and cash equivalents at beginning of year	118,256		126,441		134,671
Cash and cash equivalents at end of year	$	186,589	$	118,256	$	126,441